WEBVTT - Crush Your Financial Goals (With a Five Year Plan) 0:00:06.120 --> 0:00:10.000 It's time for the b a qa a to b 0:00:10.200 --> 0:00:13.240 a q a with tifferinid to b a q a. 0:00:13.360 --> 0:00:17.960 No man day to b a qa a. It's barnabachan 0:00:18.040 --> 0:00:20.560 question answers. Manay's not here because she is at a 0:00:20.840 --> 0:00:23.880 conference slash retreat just living her best life. I was 0:00:23.920 --> 0:00:26.439 just talking with her earlier today, so she's here in 0:00:26.520 --> 0:00:30.000 spirit or whatever. So this is Barna Beach in question answers. 0:00:30.000 --> 0:00:32.360 You have questions, we have some answers. But the thing 0:00:32.640 --> 0:00:36.159 is we're not your mama, not your father, not your sister, 0:00:36.280 --> 0:00:39.480 but your friend, not your financial advisor, not your attorney, 0:00:39.760 --> 0:00:42.680 not your account At the end of the black day, 0:00:43.159 --> 0:00:44.680 we know none of those things, which means that you 0:00:44.680 --> 0:00:48.160 are going to take the final say from the people 0:00:48.200 --> 0:00:52.640 that you pay. Okay, oh that was a bar no 0:00:52.640 --> 0:00:55.840 for relse who your grandma, not us, because this is 0:00:55.880 --> 0:00:57.560 just the smallest grain of salt that you're gonna take 0:00:57.600 --> 0:01:02.280 this entertainment from, because we are not giving you financial 0:01:02.320 --> 0:01:05.760 advice for just just entertaining you, but certain something to 0:01:05.800 --> 0:01:08.119 think about, you know, when it comes to whatever your 0:01:08.120 --> 0:01:10.840 financial woes are. But if you have questions that you'd 0:01:10.880 --> 0:01:14.280 like to be considered, go ahead on over to briannibisionpodcast 0:01:14.360 --> 0:01:18.480 dot com. Click contact us Brandivision Podcasts at gmail dot 0:01:18.480 --> 0:01:22.040 com or Brannabision podcast on ig and sliding our DMS. 0:01:22.440 --> 0:01:26.200 We have a Moulah baby question from you from I'm 0:01:26.240 --> 0:01:29.840 gonna call her yoah because I think you gave you 0:01:29.880 --> 0:01:32.679 a real name. Girl. What should I call you? I'm 0:01:32.680 --> 0:01:38.759 gonna call you m chi Chi. That's my sister's nickname. 0:01:38.800 --> 0:01:42.880 Che che hey che j She says. First off, I 0:01:42.959 --> 0:01:45.840 love you ladies so much. I'm one of them, brown 0:01:46.200 --> 0:01:49.720 all Filipinos all, so I'm included in the stud too, 0:01:49.760 --> 0:01:53.680 right you are? We love a Filipina, Okay, she said 0:01:53.680 --> 0:01:56.680 Brian Filippinas, So I love that. Yes, love a load 0:01:56.760 --> 0:01:59.440 joking you are, girl. I'd be honored if you ladies 0:01:59.440 --> 0:02:02.720 answered my question. Okay, chich. I have about two hundred 0:02:02.760 --> 0:02:05.920 thousand dollars in student loan debt along with about twelve 0:02:05.960 --> 0:02:09.320 thousand dollars credit card debt. I'm also a mom of 0:02:09.320 --> 0:02:11.680 a two year old and still live with my parents 0:02:12.000 --> 0:02:17.320 in expensive Beep Bay area, San Jose, California, John, because 0:02:17.560 --> 0:02:20.160 the Bay is expensive. California is expensive. My husband and 0:02:20.200 --> 0:02:22.600 I want to get our own place. Out here because 0:02:22.639 --> 0:02:25.960 our jobs are here. I'm a physician's assistant currently making 0:02:26.200 --> 0:02:29.080 one hundred and seventy five thousand dollars, and my husband 0:02:29.080 --> 0:02:31.600 makes eighty thousand. But we still feel like we can't 0:02:31.639 --> 0:02:34.280 afford any single family homes out here, because girl, you can't. 0:02:34.320 --> 0:02:37.040 It's the bay. My question is, should I try to 0:02:37.080 --> 0:02:39.280 pay off all my dat while saving for a house 0:02:39.720 --> 0:02:42.480 and purchase later, or just try and get a house 0:02:42.560 --> 0:02:45.040 sooner and pay off my student loan till I'm like 0:02:45.080 --> 0:02:49.040 fifty girl? She wrote that, girl, I think that's maybe 0:02:49.080 --> 0:02:51.360 a loaded question with multiple different answers, but I'd love 0:02:51.400 --> 0:02:54.839 to hear your thoughts. Thanks in advance. Oh chee chee, 0:02:55.639 --> 0:03:00.880 hold that thought and we'll be right back. First of all, 0:03:01.040 --> 0:03:04.480 can we just acknowledge how terrible is it that somebody 0:03:04.480 --> 0:03:06.560 can make one hundred and seventy five thousand dollars with 0:03:06.680 --> 0:03:08.840 a partner that makes eighty thousand doll Let's do the math. 0:03:08.880 --> 0:03:10.720 How much is that? How much of that? How much? 0:03:10.840 --> 0:03:14.880 How much is how much of that? Let's see calculata 0:03:15.560 --> 0:03:19.400 see y leata calculator. After a while, Cracker Dog come 0:03:19.480 --> 0:03:21.799 on camera. Y'all told me to get this iPhone I'm 0:03:21.840 --> 0:03:25.560 still not impressed. Almost say yea later, I still miss 0:03:25.600 --> 0:03:29.519 my android. Okay, let's see one seventy five plus eighty 0:03:29.639 --> 0:03:34.359 thousand is two hundred and fifty five thousand dollars. Is 0:03:34.360 --> 0:03:37.280 what you guys make? You're living at home and you 0:03:37.320 --> 0:03:39.560 can't afford home because how much do you have to make? 0:03:40.040 --> 0:03:44.480 How much I'm about to look up do you have 0:03:45.640 --> 0:03:56.120 to make to afford a home in the Bay Area. 0:03:56.880 --> 0:04:05.040 We're gonna see. Let's see what they say. Okay, way 0:04:05.560 --> 0:04:09.200 where whoa? Okay? The income required to afford a home 0:04:09.240 --> 0:04:11.760 in the Bay Area depends on city or county and 0:04:11.840 --> 0:04:15.440 the cost of housing, but in general, in San Francisco, 0:04:16.760 --> 0:04:19.599 this is as of March twenty twenty four, an income 0:04:19.680 --> 0:04:24.040 of three hundred and thirty nine thousand dollars eight hundred 0:04:24.080 --> 0:04:28.080 and sixty four was needed to comfortably afford a mortgage 0:04:28.080 --> 0:04:36.160 in San Francisco. Child, that's crazy. Oh yeah, that's crazy. 0:04:36.200 --> 0:04:40.920 Now California, in general, it said to qualify for a 0:04:40.960 --> 0:04:44.880 mortgage in mid tier California, you would had to make 0:04:44.920 --> 0:04:47.680 about two hundred and thirty five thousand dollars, you know, 0:04:48.360 --> 0:04:53.120 which is double more than double the medium household for 0:04:53.360 --> 0:04:58.080 I guess in the United States, that's crazy. So if 0:04:58.080 --> 0:05:00.400 you're in San Francisco the Bay Area, which I mean 0:05:00.440 --> 0:05:02.240 in San Francisco Bay Area, because y'all don't give me 0:05:02.240 --> 0:05:03.800 the line, you know, for y'all all over there, you'd 0:05:03.800 --> 0:05:06.640 be like, that's not why that is San Jose. Let 0:05:06.680 --> 0:05:09.920 me see. Let's see what said what they say in 0:05:09.920 --> 0:05:15.400 in San Jose. Let's see see San JOSEI Sa Jossey, 0:05:15.560 --> 0:05:22.400 you say, let's see what they talking about? No way, okay, 0:05:22.480 --> 0:05:27.279 let me see. Jesus it's worse for you. Well, brace yourself. 0:05:27.520 --> 0:05:31.640 As of March twenty twenty four, a household in San Jose, California, 0:05:31.920 --> 0:05:38.320 needs to earn at least Hey, Filipino, sweetheart, listen four 0:05:38.400 --> 0:05:42.560 hundred fifty four thousand, two hundred and ninety six dollars 0:05:42.680 --> 0:05:47.120 to afford a mortgage on a home. That's freaking crazy, 0:05:47.640 --> 0:05:49.760 because the average home value in San Jose is one 0:05:49.760 --> 0:05:53.160 point four seven two basic one point five million dollars. Hey, 0:05:53.880 --> 0:05:55.800 you have to make half a million freaking dollars. So 0:05:55.880 --> 0:05:57.839 for those of you, because I only I'm only sharing this, chichi, 0:05:58.040 --> 0:05:59.680 because I know some people are like, girl, you live 0:05:59.720 --> 0:06:01.839 at home. Girl, you and your husband make two fifth. 0:06:01.839 --> 0:06:05.920 That's a lot of money. Yes, Minnesota, it is a 0:06:05.920 --> 0:06:09.479 lot of money, but in San Jose it's not enough. 0:06:10.320 --> 0:06:12.440 It's not enough. She would need to make double that 0:06:12.480 --> 0:06:15.040 to buy a house. So you're gonna have to ask yourself. 0:06:15.120 --> 0:06:19.080 Would I be saving until I'm totally paid off? Probably not, 0:06:19.120 --> 0:06:20.640 because girl, you'll never be able to get a house, 0:06:20.760 --> 0:06:23.600 because not even about paying off your debt. Honestly, like 0:06:23.760 --> 0:06:25.440 you would have to make so much and by then 0:06:25.480 --> 0:06:27.240 you're gonna have to make even more because you have 0:06:27.279 --> 0:06:28.919 to make them near half a million dollars stuff for 0:06:28.960 --> 0:06:32.000 the home. So what I would be looking at is that, 0:06:33.839 --> 0:06:36.760 I mean the Bay Area to me, that San Jose child, 0:06:36.920 --> 0:06:39.160 it's been out of the question. Are there any other 0:06:39.200 --> 0:06:42.680 places further out? You know, like do you have to 0:06:42.760 --> 0:06:45.000 live in California? I mean, I know you your parents 0:06:45.120 --> 0:06:46.640 live there, which is always really great, especially with a 0:06:46.640 --> 0:06:48.520 two year old child, so I knew, you know, if 0:06:48.520 --> 0:06:51.279 your parents are probably helping out significantly. So I'm not 0:06:51.320 --> 0:06:54.960 saying moving anytime soon, but I might be looking to say, Okay, 0:06:55.000 --> 0:06:58.479 in the next five years, the baby will be seven. 0:06:59.200 --> 0:07:01.520 What what is it that we're wanting in the At 0:07:01.520 --> 0:07:04.080 the end of the day. It's home ownership that critical 0:07:04.120 --> 0:07:06.279 to us, like what is it that we're wanting? And 0:07:06.320 --> 0:07:09.280 I would make a financial this decision based upon that, like, Okay, 0:07:09.880 --> 0:07:11.760 we're gonna stay here for the next five years. By 0:07:11.760 --> 0:07:13.720 then the baby will be seven. I think. Seven is 0:07:13.760 --> 0:07:17.600 like second grade, I think, and we can move to 0:07:17.640 --> 0:07:20.880 set other state or whatever, because I've already done my 0:07:20.920 --> 0:07:23.040 research that in this state I can still make good 0:07:23.080 --> 0:07:25.320 money and it goes further here and whatever your husband 0:07:25.400 --> 0:07:28.960 does can do the same, and I can. You know, 0:07:29.040 --> 0:07:30.320 we would be able to be and be in the 0:07:30.360 --> 0:07:32.040 rains to be able to afford a house, so you 0:07:32.080 --> 0:07:34.720 would have to maybe make some drastic changes, you know, 0:07:34.960 --> 0:07:38.040 or make significantly more money. It's not just a student 0:07:38.120 --> 0:07:40.280 loan debt. And also too, I would be keeping my 0:07:40.360 --> 0:07:44.440 eye on like this current election that's cut well, depending 0:07:44.480 --> 0:07:47.360 when you listen to this, but I would be looking 0:07:47.800 --> 0:07:52.080 into the Public Service Loan Forgiveness Program PSLF. I would 0:07:52.080 --> 0:07:54.880 be looking at the Income Driven Repayment Program, the IDR 0:07:55.440 --> 0:07:59.360 IDR plan if they're still even here, depending on what's 0:07:59.360 --> 0:08:01.840 happened with this that election. I'd be looking at student 0:08:01.880 --> 0:08:04.240 loan debt relief to see like what can I do 0:08:04.280 --> 0:08:06.800 to qualify for student loan debt relief to maybe get 0:08:06.840 --> 0:08:09.440 some of that two hundred thousand dollars down or out, 0:08:09.600 --> 0:08:12.160 you know, you know, definitely work hard and get rid 0:08:12.200 --> 0:08:13.960 of that credit card debt and try not to get 0:08:13.960 --> 0:08:16.040 into any more. But I'd be looking for help with 0:08:16.040 --> 0:08:17.840 that student loan debt child. I would not be doing 0:08:17.840 --> 0:08:22.000 that by myself. This is a heavy load, child. We 0:08:22.040 --> 0:08:24.720 all care in this burden. But that's what I would 0:08:24.720 --> 0:08:26.400 really do. I would not wait for fifty to buy 0:08:26.400 --> 0:08:28.760 a house. I would ask myself if it's that important 0:08:28.760 --> 0:08:30.560 for me for me to raise my kid in a house, 0:08:30.560 --> 0:08:32.439 which you know, so a big goal for a lot 0:08:32.440 --> 0:08:35.920 of people. It might mean moving and for now a 0:08:35.960 --> 0:08:37.880 two year old child. I would be home with my 0:08:37.880 --> 0:08:39.880 parents so they can help. But I would make a 0:08:39.920 --> 0:08:42.520 five year plan to ask myself, what does that look like? 0:08:43.000 --> 0:08:44.800 You know, where is there any place else we can move? 0:08:44.920 --> 0:08:46.800 Do I have a sibling that lives someplace else and 0:08:46.840 --> 0:08:49.520 maybe it's more cost effective. So I wouldn't be making 0:08:49.520 --> 0:08:52.160 any moves anytime soon, but I'd be making a plan 0:08:52.240 --> 0:08:54.240 with my husband to say, how do we want our 0:08:54.280 --> 0:08:57.400 life to look and how do we arrange our finances 0:08:57.400 --> 0:08:59.360 to get there. How much money do we need to 0:08:59.360 --> 0:09:01.280 make if we move to that place, Maybe we would 0:09:01.280 --> 0:09:03.079 make we would make less, but the cost of living 0:09:03.160 --> 0:09:06.440 is less. I would start to make those plans while 0:09:06.480 --> 0:09:09.680 also be looking at these student loans that forgiveness and 0:09:09.679 --> 0:09:13.079 see what's available, and really attacking that credit card debt 0:09:13.080 --> 0:09:14.760 and trying not to get back into credit card debt. 0:09:15.360 --> 0:09:19.320 But in the meantime, in between times, child, parents, watch 0:09:19.360 --> 0:09:22.199 that two year old while you grind. But yeah, I'm 0:09:22.200 --> 0:09:24.440 not gonna I'm not waiting for fifty I don't know. 0:09:24.520 --> 0:09:26.640 If you're forty eight, that's one thing. But if you're 0:09:26.679 --> 0:09:29.320 forty no, that's ten years. No. I don't think you 0:09:29.360 --> 0:09:30.760 have to wait that long. You just might have to 0:09:30.800 --> 0:09:34.200 make a big, big, big addressment. Child, Can you imagine? 0:09:35.160 --> 0:09:39.040 This is the world we live in all and these 0:09:39.160 --> 0:09:43.320 are the hands we eve? And oh remember that it 0:09:43.400 --> 0:09:45.760 was a weird I think it was Phil Collins. Let 0:09:45.800 --> 0:09:48.000 me see what's that, Phil Collins? The world we live in? 0:09:48.440 --> 0:09:50.160 I want you guys to look it up. It's weird. 0:09:50.800 --> 0:09:52.640 It's like a puppet. I mean, I remember being freaked 0:09:52.640 --> 0:09:54.720 out by as a kid, the world we live in, 0:09:54.760 --> 0:10:03.800 the world we live and was it Phil Collins? Phil Collins, 0:10:05.280 --> 0:10:09.000 I think so, Oh, the Land of Confusion. Yes, no, 0:10:09.080 --> 0:10:12.920 it's by Genesis. It's Genesis. I'm wondering. Was Phil Collins 0:10:12.960 --> 0:10:17.480 part of Genesis? Child? It was a weird video. Yeah, 0:10:17.480 --> 0:10:21.040 so I guess Genesis was a group that Phil Collins 0:10:21.080 --> 0:10:24.280 was a part was a member of. And it's it's 0:10:24.320 --> 0:10:28.160 called Land of Confusion and it was like puppets, but 0:10:28.200 --> 0:10:33.160 the puppets were I wouldn't say realistic. They're scared child. 0:10:33.160 --> 0:10:36.120 Go ahead to the YouTube's and the song is a bop. 0:10:36.720 --> 0:10:39.000 But the video child, this is back when I was 0:10:39.040 --> 0:10:40.800 a kid. So Ronald Reagan was president when I was 0:10:40.800 --> 0:10:42.520 a kid. I don't know, it was probably the eighties, 0:10:42.559 --> 0:10:44.000 so I was like really young. But I remember this 0:10:44.080 --> 0:10:46.040 video coming out on MTV and being like, what the 0:10:46.240 --> 0:10:48.600 entire heck is this? But yeah, it was like and 0:10:48.679 --> 0:10:52.440 this is the world we live it oh, and these 0:10:52.520 --> 0:10:56.319 are the hands we live and uh, we're giving a 0:10:57.720 --> 0:10:59.920 I don't know child. Anyway. The reason why I'm singing 0:11:01.720 --> 0:11:05.000 is that just look at this. There's too many men, 0:11:05.120 --> 0:11:08.200 too many people, making too many problems and not much 0:11:08.360 --> 0:11:10.960 and not so much love going around. Can't you see 0:11:11.120 --> 0:11:13.520 this is the land of confusion. Child, if this ain't 0:11:13.520 --> 0:11:16.280 a bot from now, but I would say all that 0:11:16.280 --> 0:11:19.480 that we're in the world is Carmen San Diego. And 0:11:19.840 --> 0:11:21.440 where in the world can you and your partner make 0:11:21.440 --> 0:11:23.960 two hundred and fifty five thousand dollars And it's not 0:11:24.200 --> 0:11:28.760 enough to move out of your mama's house. Damn Filipino, chee, chee. 0:11:28.760 --> 0:11:32.240 Ain't that crazy? I try not to get disheartened, but 0:11:32.280 --> 0:11:35.120 it's like, what the entire hell that doesn't make sense. 0:11:35.320 --> 0:11:39.559 Two hundred and fifty thousand dollars is a lot of money, yo, 0:11:39.840 --> 0:11:41.920 a lot of money, and it should be able to 0:11:41.920 --> 0:11:45.360 get you whatever you're wanting at the bare bones, basically 0:11:45.360 --> 0:11:49.199 a house, and the fact that it doesn't is really disheartening. 0:11:50.000 --> 0:11:51.679 I don't know, you know, I don't have the magic 0:11:51.720 --> 0:11:55.520 wand but if I did, child, you know, if I did, 0:11:55.640 --> 0:11:58.240 you know, like that's more than enough. The average person 0:11:58.280 --> 0:12:01.800 doesn't even make half that. I wish you well make 0:12:01.840 --> 0:12:04.000 your plan, give yourself a five year plan. You might 0:12:04.040 --> 0:12:05.880 have to move to someplace less expensive. In the meantime, 0:12:05.920 --> 0:12:08.640 let your parents watch that baby and make your financial 0:12:08.679 --> 0:12:11.439 plan about where you want to live. We can actually 0:12:11.440 --> 0:12:14.440 buy something because to be required to like make half 0:12:14.480 --> 0:12:18.240 a million dollars to buy a house. It's crazy talk. Okay, 0:12:18.679 --> 0:12:24.640 crazy talk again. If you have questions, we have answers 0:12:24.720 --> 0:12:27.480 that are entertainment based only. Go ahead on the slide 0:12:27.520 --> 0:12:32.640 and our dms on Briandavision podcasts on ig briandivisionpodcast dot com. 0:12:32.720 --> 0:12:36.199 Contact us on our website or Brandavision Podcasts at gmail 0:12:36.280 --> 0:12:39.000 dot com. Send us an email if you're old school 0:12:39.200 --> 0:12:43.000 missus Jackson, if you're nasty, and please share this episode 0:12:43.440 --> 0:12:46.960 because the only way people who know is if you 0:12:47.000 --> 0:12:49.320 tell them and leave us a review. You know manby 0:12:49.320 --> 0:12:51.760 be reading the reviews. I don't, but if you leave 0:12:51.800 --> 0:12:54.880 us a review, especially on Apple podcasts, we will read 0:12:54.920 --> 0:12:58.400 them out loud aka wee as a mandy because when 0:12:58.440 --> 0:13:00.840 you leave reviews at less, the algorithm know a the 0:13:00.880 --> 0:13:03.800 girls is feeling it on whatever. Let's show us other 0:13:03.840 --> 0:13:06.240 people you know, and as you know, we're here every 0:13:06.280 --> 0:13:09.480 Monday with a throwback episode, every Wednesday with our regular episode, 0:13:09.720 --> 0:13:14.280 and every Friday with ba Qa. So if you want 0:13:14.320 --> 0:13:16.400 us to stay here, you know, eight years later, I 0:13:16.440 --> 0:13:18.079 think we're eight years of the game, nine years of 0:13:18.160 --> 0:13:20.840 the game, then we need your house, spreading the good 0:13:20.920 --> 0:13:27.119 gospel of Brown ambition. Until next week, stay brown, stay ambitious, 0:13:27.320 --> 0:13:30.160 and stay safe. Bye.